Hailey Welch’s $HAWK meme coin hits $500M, then dips 88% to $60M in minutes on Solana blockchain
- Hailey Welch's $HAWK meme coin launched on December 4, soaring to $500 million before crashing 88% to $60 million. The 22-year-old influencer is now accused of orchestrating a ‘pump and dump’ scheme, though she denies insider trading and explains attempts to prevent early manipulation.
Hailey Welch, also known as the "Hawk Tuah Girl," launched her much-anticipated $HAWK meme coin on December 4 on the Solana blockchain. The cryptocurrency quickly gained traction, achieving a remarkable market capitalization of $500 million shortly after its debut. However, the excitement was short-lived, as the coin’s value experienced a dramatic collapse, dropping by 88% in just minutes. The sudden crash left the market capitalization at a significantly reduced $60 million.
The 22-year-old internet personality is now facing accusations of scamming investors.
Welch tried to capitalize on her viral fame by launching her own memecoin—cryptocurrencies inspired by viral memes or pop culture phenomena, similar to Dogecoin and Pepecoin.
Many online commentators have accused Welch and her team of orchestrating a "pump and dump" scheme, where coins are purchased at a low price, aggressively promoted to boost their value, and then sold off at a peak, often by insiders within the company.
Welch has denied all claims of insider trading, stating in a post on X/Twitter that her team “hasn’t sold one token and not 1 KOL was given 1 free token.”
“We tried to stop snipers as best we could through high fee’s in the start of launch on @MeteoraAG,” She further explained. “Fee’s have now been dropped.”
What is pump and dump
A pump and dump is a fraudulent scheme in the financial markets, particularly common with stocks and cryptocurrencies. It involves artificially inflating (or "pumping") the price of an asset by spreading false or misleading information to attract investors. Once the price is driven up, those behind the scheme (often insiders or early investors) sell off (or "dump") their holdings at the inflated price. This sudden sell-off causes the asset's price to collapse, leaving other investors with significant losses. The scheme relies on manipulation and is illegal in many markets.
Fans accuse Hailey Welch of scamming investors
Social media has been abuzz with strong reactions following the dramatic collapse of Hailey Welch's $HAWK meme coin. Many fans of the "Hawk Tuah Girl" expressed their disillusionment and anger after investing in the coin. One user, who claimed to have invested their life savings, said, “I am a huge fan of Hawk Tuah but you took my life savings.” Others criticized Welch for allegedly engaging in a “pump and dump” scheme, with one reaction reading, “She just hawk tuahed 1M dollars from our pockets.”
The backlash also extended to those who invested significant sums, with one user revealing they used their children’s college education fund to buy into the coin, only to see its value crash. They wrote, “I purchased your coin $Hawk that you were so excited about with my life savings and children’s college education fund as well.” Another social media comment suggested that Welch may soon face consequences, stating, “She’s gonna have to Talk Tuah judge soon.”
Who is Hailey Welch
Hailey Welch, born on July 13, 2002, in Tennessee, is an American social media personality known as the "Hawk Tuah Girl." She went viral in June 2024 at Nashville's CMA Fest after a humorous street interview. Before fame, she worked at a spring factory in Belfast, Tennessee, but soon left her job to focus on her growing online presence. Welch launched merchandise, appeared on media outlets, threw the first pitch at a New York Mets game, and co-developed an AI-powered dating app called Pookie Tools.
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Business NewsNewsUs NewsHailey Welch’s $HAWK meme coin hits $500M, then dips 88% to $60M in minutes on Solana blockchain
First Published:6 Dec 2024, 12:06 AM IST
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